Eric Trump-backed American Bitcoin posted a $126 million profit in the third quarter, supported by $197.3 million in gains from $BTC, even as mining revenue and margins declined.

The company added 425 bitcoin to its reserves during the same period, placing it among companies expanding their exposure to the cryptocurrency.

But the numbers don't tell the whole story: mining revenue and margins declined, meaning a large share of the profit came from valuing holdings rather than day-to-day operations.

If you follow mining companies, this could be a sign that profits may fluctuate with the price of Bitcoin even as reserves grow.

Bottom line: Bitcoin gains boosted profits, but the mining business alone failed to maintain its momentum.

Which matters more for mining companies: reserve size or operating margins? 👇

#Bitcoin #Mining

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